This is the world's first real-time financial insights and predictive modelling tool for the agricultural sector.
The Figured Insights platform is a powerful engine that can crunch billions of data points to give instant access to meaningful insights for our partners, enabling them to help their customers to anticipate problems and action opportunities in a way they could never have anticipated.
It’s a topsy turvy time for agriculture, both in New Zealand and globally, with high demand and strong commodity prices being offset by labour shortages, volatile feed and input prices, and environmental changes testing the financial resilience of farmers. This is compounded by the fact that it’s exceptionally difficult to model these dynamics against accurate and up to data, enabling farmers to optimise the financial performance of their business in the here and now.
Figured Insights is tailored to the agricultural sector and replaces DIY or generic business intelligence solutions, with controls, filters and reports that are native to farming. Beyond the exciting technology, the real innovation is that it enables a connected ecosystem of farmers, accountants, consultants and bankers to collaborate in a vertically integrated platform where information can be explored from a macro nation-wide level down to an individual farm level.
This means that a customer, such as a financial advisor or bank, could ask a question like, “If farms in New Zealand were to reduce livestock numbers on their farms to combat climate change, what does that mean for their future financial sustainability?'' The platform can model the impact in seconds, based on highly accurate, curated, real-time data. Customers can then segment that model by ownership structure, region, or farming types or other relevant segments to tailor their support approach.
Figured Insights is an exciting progression in the capability of Figured’s technology - powering our partners up to provide an advanced level of predictive financial advice to their clients. I sat in on an industry webinar recently where people from DairyNZ and Beef & Lamb were talking about the likely impact of the emissions trading scheme on the sector and the work they were doing to enable farmers to model their GHG position. No one was really talking about how to prepare and support farmers with the potential financial impact of the ETS on their business.
At Figured we’re excited by the role we could play in helping farmers, whether it's running a plan through Financial Farmer or working with accountants to model the impact and options through Figured Insights, we can see a way for Figured to be providing peace of mind and confidence for everyone. We’ve just launched Figured Insights with a group of Figured Certified accounting partners in New Zealand and can’t wait to see the platform in action and it’s potential to support the sector.
And, just last week we were thrilled to celebrate Richard Wyke, our Chief Product Officer, being recognised as one of the top 50 CIO’s in NZ, in part due to his incredible work to build Figured Insights over the last two years.